Public TV EnglishPublic TV EnglishPublic TV English
  • Latest
  • States
    • Karnataka
      • Bengaluru
    • Andhra Pradesh
    • Kerala
    • Tamilnadu
    • Telangana
  • National
  • Politics
  • Entertainment
    • Bollywood
    • Hollywood
    • Sandalwood
    • Film
    • TV Shows
  • Lifestyle
  • Food
    • Veg
    • Non Veg
  • Technology
  • Fashion
  • World
Reading: Paytm accelerates user migration to PSP banks with NPCI approval
Notification Show More
Font ResizerAa
Public TV EnglishPublic TV English
Font ResizerAa
  • Latest
  • States
  • National
  • Politics
  • Entertainment
  • Lifestyle
  • Food
  • Technology
  • Fashion
  • World
Search
  • Latest
  • States
    • Karnataka
    • Andhra Pradesh
    • Kerala
    • Tamilnadu
    • Telangana
  • National
  • Politics
  • Entertainment
    • Bollywood
    • Hollywood
    • Sandalwood
    • Film
    • TV Shows
  • Lifestyle
  • Food
    • Veg
    • Non Veg
  • Technology
  • Fashion
  • World
Follow US
Business

Paytm accelerates user migration to PSP banks with NPCI approval

Public TV English
Last updated: April 18, 2024 1:35 pm
By Public TV English
Share
3 Min Read

NEW DELHI: One 97 Communications Limited (OCL), which owns the Paytm brand, has received the nod from NPCI to start the user migration to new Payment System Provider (PSP) bank handles, the company informed the stock exchanges in a filing on Wednesday.

Following NPCI’s approval on March 14, 2024 to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, the company said in a press release.

“One 97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, has received go ahead, yesterday from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles immediately”, the release said.

All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.

The company has started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments, the release said. “We are committed to grow the UPI ecosystem in partnership with NPCI to every nook and corner of India,” a Paytm spokesperson said.

More Read

Protest land acquisition in other states too: Minister MB Patil to actor Prakash Raj
Japan: Yamaha Motor celebrates 70th anniversary, launches new logo

Leveraging the robust infrastructure of its banking partners, Paytm ensures uninterrupted and secure UPI payments for both users and merchants through the Paytm app, the release said.

In its filing with stock exchanges, the company said that its communication is in continuation to earlier letter dated March 14, 2024, vide which “we had informed receipt of approval from the National Payment Corporation of India (NPCI) to the Company to participate in UPI as a Third-Party Application Provider (TPAP) under multibank mode”.

Earlier on March 14, NPCI had given approval to One97 Communications Limited participating in UPI as TPAP under the multi-bank model.

This arrangement was done to enable existing users and merchants to continue to do UPI transactions and AutoPay mandates seamlessly and uninterruptedly.

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. (ANI)

You Might Also Like

Four juveniles arrested for snatching 472 gm of gold ornaments, mobile phone in Bengaluru

Man arrested for defrauding jewellery shop owner; 3.16 kg gold, Rs 8.53 lakh cash seized

AAIB submits preliminary report on AI-171 crash to Ministry of Civil Aviation: Sources

Google rolls out AI mode for all users in India

‘Ten years later, still the one…’: Mira Rajput shares adorable throwback pics with Shahid Kapoor on 10th anniversary

Share This Article
Facebook Twitter Whatsapp Whatsapp Telegram
Previous Article New York Capitol hit by cyber attack, budget deal delayed
Next Article 17 pc of world’s elderly population will be in India by 2050: CBRE

Popular News

91 pc individual traders incurred losses in equity derivatives in 2024-25, finds SEBI study
Japanese thriller ‘Alice In Borderland’ Season 3 release date out
Public TV EnglishPublic TV English